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Oil steadies above $62, expected fall in U.S. inventory supportsOil steadies above $62, expected fall in U.S. inventory supports
Oil steadied above $62 a barrel on Tuesday as expectations of a drop in U.S. crude inventories and prolonged supply curbs by OPEC and other producers countered rising output in the United States. An OPEC-led producer group last week extended a supply-cutting deal through 2018, but the resulting support for prices could bolster U.S. output which climbed to nearly 9.5 million barrels per day in September. An OPEC-led producer group last week extended a supply-cutting deal through 2018, but the resulting support for prices could bolster U.S. output which climbed to nearly 9.5 million barrels per day in September. Click Read More below for additional information.
Gasoline Hits 2-Year High as Harvey Shuts Biggest U.S. Refinery
Gasoline rose to a two-year high as Tropical Storm Harvey hit the U.S. Gulf coast again after already knocking out a fifth of the nation’s refining capacity. Motiva Enterprises LLC’s Port Arthur refinery, the country’s biggest, was said to be shutting because of severe flooding. The disruption helped send motor fuel as much as 3.3 percent higher in New York, while the resulting reduction in demand from plants hit by the storm kept crude near a five-week low. After drenching Texas, Harvey regained strength over the waters of the Gulf of Mexico and crashed ashore again Wednesday in southwest Louisiana, according to the National Hurricane Center. “The market focus seems to be on the quantity of refinery capacity shut-ins and potential to hit oil demand,” said Giovanni Staunovo, an analyst at UBS Group AG in Zurich. Click Read More below for additional detail.